Insure Your Future Income – 6th Cure for a Lean Purse
Insure Your Future Income
Insure your future income is the sixth cure from The Richest Man in Babylon. “ Provide in advance for the needs of thy growing age and the protection of the family. It behooves a man to make preparation for a suitable income in the days to come, when he is no longer young and to make preparations for his family should he be no longer with them to comfort and support them” 
Have you plan well for your eventual retirement so that you have sufficient money to outlast you and know that you are in control of your future? Are you adequately insured and protected against the unexpected so that you create an immediate estate for the protection of yourself and family? Investing in insurance to protect yourself and your family is sensible, in case of unforeseeable circumstances happening to you.
In a nutshell, when you buy an insurance policy, you will pay a premium to maintain coverage in case a specific act or event occurs. If something happens, you win because you have insurance coverage. If it does not occur, you also win because of the assurances you gain from the coverage.
Make Your House a Profitable Investment – 5th Cure for a Lean Purse
Make Your House A Profitable Investment
The fifth cure for a lean purse is to “ make of thy dwelling a profitable investment ”.
You have worked hard, saved and invested your earnings and you would also want to live a good life. You would want to own your own home that is comfortable to raise your family and enjoy the good life in the nice comfort of your own home. A comfortable house is a great source of happiness. 
You would also want to ensure that the house or home that you want to own is located in a area which is conducive to raise your family and will appreciate in value over time.
The purchase of a home is typically the largest investment that a person (or family) will make during their life. Because of this, great care and thought should be given to this process so that you’re prepared for what will happen. The type of property, the price, the location will affect whether your home will be a profitable investment subsequently if you decide to sell later
Also, instead of renting, it is advisable to owing you own home and after the mortgage is paid, it can significantly reduce your cost of living.
Here’s an idea for you… If you buying a home, pay as much deposit as you possibly can. Try to avoid introductory loan rates and reduce the loan period as you can comfortably afford the monthly mortgage payments. If your interest rate is cut, continue to pay the same amount so you reduce your debt faster. And in time, you will make your home a profitable investment.
To your success and financial abundance. 
By Michael Tay www.michaeltay.com
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Guard Your Treasures from Loss – 4th Cure from The Richest Man in Babylon
Guard Your Wealth Against Loss
The fourth cure for a lean purse is to “guard your treasures from loss by investing only where the principal is safe, where it may be reclaimed if you desire so, and where you will not fail to collect a fair rental” 
“The first sound principle of investment is security for thy principal. The penalty of risk is probable loss. Study carefully, before parting with thy treasure, each assurance that it may be safely reclaimed. Be not misled by thine own desires to make wealth rapidly.”
Well, you have paid yourself first, control your spending and with that, you have more to save and invest and have learned how to make your money work hard for you and learned how to multiply your wealth through compounding and good investment decisions. The next logical step is to safeguard the wealth you have created from loss.
Seek the advice of experts or professionals whom are trained in the area of financial planning and investments. If you are sick, do you ask your gardener for medical advice? No, you seek the help of a medical doctor. Likewise in the area of personal finance, you seek the help of trained financial planners to assist you with your life goals of wealth accumulation, wealth protection, and wealth distribution issues.
Building your wealth is often more of what you keep than what you make. So after you have worked hard to save or earn it, you don’t want to lose it. You need to find investments that give you reasonable returns with minimal or no risk to the principal. In the quest for instant gratification and getting rich quick, many fall prey to the many “ Get Rich Scams ” or High returns Investment opportunities. When we become greedy, we always find ourselves getting our fingers burned. Read the rest of this entry »
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